You will appreciate a structure people are familiar with every time you go to buy insurance, deposit security deposits, etc.You can get a tax ID instantly on the IRS site.

They just  count on insurance to cover their risks.An LLC is not a substitute for insurance.

The insurance will vary based on whether you need a Builders Risk policy and vacancy coverage (which you typically need). 

Insurance is another biggie to agree on. 

It took us just about a year from start to finish.Our mortgage tax and insurance is 633 per mo. 

Engelo help me find a GREAT lender to refi the duplex (about $49,500 @ $450 monthly, PITI), and Engelo's other partner Dominique helped me find an insurance companyHere’s my first duplex on youtube: (Engelo is a little hyper – I think to prevent hyperthermia, video was shot in January)https://www.youtube.com/watch?

Commercial loans are generally 20 or 25 years amortization so the minimum payment may be almost as low as a 30 yr conventional mortgage if you factor in mortgage insurance (at least for the first 5 years).

isn't the purpose of insurance to cover accidents/defects?

This is the page at the beginning of an insurance policy that lists the limits of insurance, deductibles, etc.

I am putting 25% down at a 3.25% interest rate so my mortgage with HOA of $334, insurance, and property taxes will be about $2640.